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The federal government, and some state governments, have a gift and estate tax that applies to assets transferred to another party. However, the tax only applies if the transfers exceed a specific threshold. Amounts below that threshold are exempt from tax. In...
Tax season can be challenging for small business owners who must find time to gather information for tax returns while managing their companies. It’s important to have good recordkeeping practices throughout the year but even if you do, there still will be tasks to...
If the IRS has determined that you owe taxes, and has assessed a penalty against you or taken collection action, you may be able to file an appeal. However, there are a variety of rules and deadlines that apply when you appeal an IRS decision. Failing to comply...
Receiving an audit notice from the IRS or state taxing authority is stressful, even if it is only alerting you of a minor issue. When you file a tax return, you represent to the government that the information is correct. However, the government has the right to...
Once you have established a tax-exempt organization (or nonprofit), there are ongoing administrative and reporting requirements. An attorney well versed in tax-exempt status can advise you regarding how to ensure you are running your organization properly, as,...
Taxes can significantly affect your retirement plan and leave you with much less money than you thought you would have. Fortunately, you can take steps to reduce taxes, including considering whether to convert your traditional 401(k) or IRA into a Roth 401(k) or...